Riyadh – Mubasher: Saudi Arabia-based National Industrialization Company (Tasnee) pushed back the date of starting the trial and commercial operation of titanium sponge project.

The new date is set to be on the second half of 2018, according to a statement on Sunday to the Saudi Stock Exchange (Tadawul).

Based on Tasnee’s statement published in March 2016, the previous date for operating the project was forecast in H2-17.

The postponement was attributed to a delay in building the raw material unit (Titanium tetrachloride).

The project is set to produce 15,600 tonnes of titanium sponge per year.

The financial impact of overhauling the date cannot be specified in the current period.

“The project [is] owned by Advanced Metal Industries and Toho Titanium Company which is owned 65% by Advanced Metal Industries Co. (AMIC) owned 50% by Tasnee and 50% by Cristal and 35% owned by Toho Titanium,” the bourse’s statement added.

Tasnee’s stock rose 3.4%, closing Sunday at SAR 16.40.